This is with regard to query relating to tax treatment of Employee Provident Fund balance. I worked in MNC for almost 2 years and had accumulated EPF balance of around 70K.
Currently working as consultant in Audit firm (where there is no requirement of EPF)
So Please clarify the below issues
If the EPF balance is withdrawn, then what rate of tax will be applicable 10%, 20% or 30%?
If i wish not to withdraw the EPF (for tax saving), then what procedures should be followed?
Please let me if there is any best approach to be followed to avoid tax.